What Does a Brexit Signal?

There is a school of thought that says a Brexit vote signals a higher probability that Donald Trump becomes president of the U.S., that the right-wing and euroskeptic AFD party in Germany gains greater influence and that Marine Le Pen’s National Front party does the same in France. Italy’s anti-establishment 5-Star party has already this week won powerful mayoral posts in Rome and Turin in what has been seen as a blow to the reformist national government of Matteo Renzi. Italy is Europe’s fourth-biggest economy and still has many problems to solve—it could be the eurozone’s biggest weakness.